What is happening with Kalshi in Utah?

Utah officials have charged Kalshi, a prediction market company, and its two co-founders with illegal gambling activities in the state. The charges include one count of pattern of unlawful activity, 12 counts of online gambling promotion, and one count of general gambling promotion. Utah has also filed a civil lawsuit against Kalshi to prevent it from offering betting opportunities to residents.

Gambling is illegal in Utah, and the state's Attorney General has stated that calling Kalshi a "prediction market" does not exempt it from the law. Kalshi has responded to the charges by calling them a "crazy overreach" and accusing state officials of playing politics. The federal government has also joined the legal battle, arguing that the Commodity Futures Trading Commission has the authority to regulate prediction markets like Kalshi, rather than individual states.

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